Arun Jaitley sets up 3-member panel to bring in further clarity in tax laws

Arun Jaitley has set up a three-member panel to advise on bringing further clarity in tax laws based on interactions...

Finance minister Arun Jaitley has set up a three-member panel, led by former chief economic advisor Ashok Lahiri, to advise on bringing further clarity in tax laws based on interactions with the trade and industry.

Former Settlement Commission member Sidhartha Pradhan and former DG (audit) Customs and Central Excise Gautam Ray are also panel members. The apex policy bodies for direct and indirect taxes within the finance ministry would issue necessary clarifications on tax matters within two months of getting the panel’s recommendations, said a finance ministry statement issued on Wednesday.

The move is in line with Jaitley’s budget announcement and is similar to the arrangement that existed during the UPA regime.

The panel would be assisted by two senior officers from the ministry handling direct and indirect taxes.